Morgan Stanley Chief Executive Officer James Gorman said that investor George Soros’s contention another major global crisis may be in store is unrealistic, and that the Federal Reserve will probably hike interest rates three more times in 2018 despite recent volatility.

“Honestly I think that’s ridiculous,” Gorman said in an interview with Bloomberg Television in Beijing Thursday when asked about Soros’s comments this week, which included a warning that the European Union is at risk of breaking up amid Italy’s challenges. “I don’t think we’re facing an existential threat at all,” Gorman said of the EU.

Investors should look through the bout of turmoil markets have been going through lately, with fears about Italian contagion seeing Treasury yields tumble from their recent highs of well over 3 percent, Gorman said.

Benchmark 10-year U.S. yields are likely to keep climbing, taking the dollar up with them, in the Morgan Stanley chief’s view. Asked about Jamie Dimon’s contention earlier this month that 10-year Treasury yields could hit 4 percent, Gorman said “I would be surprised if it’s under 3 percent; I would be as surprised if it was above 4.” Read More